www.gu.se per-Åke andersson 031-786 1353 [email protected] karlstad universitet...

www.gu.se

Per-Åke Andersson

031-786 1353

[email protected]

Karlstad UniversitetMakroekonomi VT2011

Sparande

mailto:[email protected]

Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall.

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C H A P T E R 8

Why DoEconomies Grow? 8.2

Saving and Investment

● savingIncome that is not consumed.

CAPITAL DEEPENING


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C H A P T E R 19

The World ofInternational Finance

• balance of paymentsA system of accounts that measurestransactions of goods, services, income, and financial assets between domestic households, businesses, and governments and residents of the rest of the world during a specific time period.

• current accountThe sum of net exports (exportsminus imports) plus net income receivedfrom abroad plus net transfers fromabroad.

THE CURRENT ACCOUNT, THE FINANCIALACCOUNT, AND THE CAPITAL ACCOUNT19.3

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Offentliga sektorns skatteintäkter 2007


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C H A P T E R 19


• financial accountThe value of a country’s net sales(sales minus purchases) of assets.

• capital accountThe value of capital transfer andtransaction in nonproduced,nonfinancial assets in theinternational accounts.



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C H A P T E R 19


Rules for Calculating the Current, Financial, and Capital Accounts

Here is a simple rule for understanding transactions on the current, financial, and capital accounts: Any action that gives rise to a demand for foreign currency is a deficit item. Any action that gives rise to a supply of foreign currency is a surplus item.

The current, financial, and capital accounts of a country are linked by a very important relationship:

current account + financial account + capital account = 0



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C H A P T E R 19





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C H A P T E R 19



• net international investment positionDomestic holding of foreign assetsminus foreign holdings of domestic

assets.


• sovereign investment fundAssets accumulated by foreign governments that are invested abroad.


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C H A P T E R 19


WORLD SAVINGS AND U.S. CURRENT ACCOUNT DEFICITS

APPLYING THE CONCEPTS #2: What factors may allow the United States to continue running large trade deficits with

the rest of the world?

The 2006 Economic Report of the President directly addressed whether the United States can continue to run large current account deficits and, of course, financial account surpluses. In the report, the government recognized that the current account deficits would eventually be reduced. However, it also highlighted a number of factors suggesting the deficits could continue for a long period of time.

For the United States to continue to run a current account deficit, other countries in the world need to continue to purchase U.S. assets.

In recent years, four major countries experienced circumstances that encouraged them to save by purchasing assets from abroad: Japan, Germany, Russia, and China.

For the United States to continue to run trade deficits in the future, these or other countries must want to continue to save more than they want to invest domestically.

A P P L I C A T I O N 2

Global ekonomi, Kapitel 17, Copyright: Claes Berg & SNS Förlag

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